Bookkeeping

Building a solid bookkeeping foundation and tracking system will enable you to have all aspects of your finances readily at your fingertips. At 5280 Accounting, we listen carefully and then establish priorities to make steps clear. From this position of strength, a plan is developed to strategize your personal and professional goals. Your plan is specifically designed from your unique circumstances and personal strengths. We facilitate the clarity needed to implement your plan efficiently and practically.

GAAP – General Accepted Accounting Principals
GAAP ensures conformity with the many different entities recording an accounting event. An accounting event is a double entry accounting system. One entry has another to balance.
ACCOUNTS RECEIVABLE
Accounts Receivable is one of the most important areas of accounting. A/R is about “accountability to yourself”. In most cases, each project has its own contract, which establishes the responsibilities of the two parties. The contractor and the client each agree to do certain things outlined in the contract.
ACCOUNTS PAYABLE
Paying vendors is part of a small business owner’s financial integrity. In many cases, these vendors are other small businesses in the local community. To conduct business effectively, the owner needs to know the terms of agreements with vendors. Timely payments are part of healthy agreements. When an owner meets the terms of an agreement, people will value the relationship and continue to do business. RECONCILIATIONS
Reconciliations occur to check business records with bank statements, credit cards, and other documentation to establish financial certainty on the Balance Sheet.
BALANCE SHEET
Deconstructing the balance sheet entails reviewing accounts that have generated an entry for the accounting period. Reviewing these details ensures entry for the posting period has been placed appropriately. Accurate reports to the owner or managers are critical for facilitating wise and viable business decisions.
PROFIT & LOSS STATEMENT
Not all financial documents have to be completely understood by the owner or management, but decision-makers do have to understand what goes into the Income Statement. This ensures that everyone is interpreting the same language, because without it the statements are meaningless.
GENERAL LEDGER
The General Ledger details account information on the Income Statement and Balance Sheet.